Building the longest heated oil pipeline in the world is expensive work and Total and CNOOC can’t do it alone.
They are seeking a $2.5 billion loan from some of the world’s largest commercial banks to get this project off the ground.
Standard Bank, through its subsidiary Stanbic Uganda, along with Industrial and Commercial Bank of China (ICBC) and Sumitomo Mitsui Bank (SMBC), are acting as financial advisors to the project. These banks are expected to serve as lead arrangers, meaning that they will need to approach other banks to co-finance the deal.
We’ve drawn up a list of the top recent financiers of Total and CNOOC that are likely to be approached to join the loan. Members of the #StopEACOP alliance have written to each of these banks urging them to publicly rule out supporting EACOP in any way.
JPMorgan Chase Tops Dirty List Of 35 Fossil Fuel-Funding Banks:
JPMorgan Chase contributes more money towards fossil fuel industries than any other bank, putting a total of $268 billion into coal, oil and gas firms over the last four years, according to a new study.
In total, the world’s biggest banks have put $2.7 trillion into those industries since the 2015 Paris Agreement, according to the Banking on Climate Change 2020 report, which tracked data on 35 private financial institutions.
Read the story here
JPMorgan Chase are investing £1million in greenwashing their reputation by convincing the Literacy Trust to let them sponsor a children's literacy programme and roping in Childrens' Laureate and How To Train Your Dragon legend Cressida Cowell to endorse the scheme, called (without a hint of irony) 'Chase Rewarding Futures'.
The Literacy Trust describe the collaborator "Building on JPMorgan Chase’s decades-long support for local communities in the UK ..." (or alternatively "Building on JPMorgan Chase's decades long support for climate destroying industries in the UK and around the world")
The climate profiteers, who made a profit of $123 billion in 2020, are the world's most destructive bank, investing $268 billion into coal, oil and gas in the last four years, according to Forbes: The bank are destroying the futures of the very children they are using as marketing tools in one of the most cynical bits of greenwashing we've seen. Why not ask @cressidacowell and @Literacy_Trust to protect their readers and stop providing cover to the worst of all the investors in climate and ecological disaster.
Join us on the journey to a global net zero economy
Our planet needs drastic action. We need to protect our communities, businesses and the natural environment from the damaging effects of climate change.
By working together to support sustainable projects and initiatives, we can make real progress in the move to a global net zero economy. Here’s what we’re doing and how you can join us.
Well done HSBC, not only are you now partnering the National Trust with plans to plant millions of trees ('Together with the National Trust, we're planting 2 million trees over the next 4 years. This is part of an ambitious plan to increase access to nature, attract more wildlife and protect landscapes prone to flooding.') but you are also continuing to invest billions in exploring for new fossil fuels. Surely no contradiction there.
HSBC are on a charm offensive, partnering with the National Trust ahead of ‘National Tree Week’. Apparently CO2 ‘doesn’t do borders’, who knew! Well it seems HSBC don’t. According to the ‘Banking on Climate Chaos’ report, HSBC ranked 13th worst fossil bank in the world. According to Market Forces, they have spent $110.7bn on fossil fuels since the Paris agreement.
And shame on the NAtional Trust for allowing their name to be used in this way.
Bank of America CEO Brian Moynihan is one of the members of the US CFWG:
The coalition of banks, insurers and Wall Street trading firms making up the so-called U.S. Climate Finance Working Group say they back the international goals of the Paris Climate Agreement, but that officials should resist growing pressure to use banking regulation to restrict financing to certain industries. "We have to have a balanced, fair transition across the globe and realize it's going to take time and investment and innovation," Bank of America CEO Brian Moynihan said at the virtual event hosted by the Institute of International Finance. "And that's what capitalism brings."
Moira Birss, a leader of the Stop the Money Pipeline coalition, which is calling on lenders and insurers to stop supporting fossil fuel production, said "if we leave climate policy up to Wall Street firms, we won’t get the rapid decarbonization necessary for a livable planet."
"Since Wall Street is unwilling to shift capital from the very industries causing this planetary crisis, the Biden administration must use its supervisory and regulatory power to force them to do so, for the good of the financial system and the planet," she said.
BlackRock CEO Larry Fink, one of finance's most outspoken advocates for using markets to address climate risk, warned against "a full divestiture of hydrocarbons," which he called "greenwashing." "It doesn't change the net-zero of the world," he said. "If a public company sells off a lot of their hydrocarbon business to a private entity, the world doesn't change."
So, we have a new definition of greenwashing - which doesn't apply to banks who carry on supporting fossil fuels as long as they say they do???
read more: politico.com
Noel Quinn says "Climate Change is bigger than any institution or industry"
Noel Quinn, CEO of HSBC, says in coming together, we recognise the critical role our organisations play in the fight against it. [we are] committed to accelerating efforts within the banking sector, recognising its catalytic role across all industries, to move towards a net-zero economy.” more here
Well done Mr Quinn, you have been invited by HRH The Prince of Wales, along with executives from some of the world’s largest banks, to join the Sustainable Markets Initiative’s (SMI) Financial Services Taskforce (FSTF), to develop meaningful plans to help accelerate a transition to a sustainable future.
Fantastic. It's just a shame that although HSBC's 2020 fossil fuel investment was slightly down on 2019, between 2016 and 2020, HSBC invested $110 billion in financing fossil fuels. That's since the Paris Agreement. It'll be interesting to see what happens in 2021 when the world economies start to return to pre-pandemic levels.